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Perficient (PRFT) Q4 Earnings Beat Estimates, Revenues Up Y/Y (revised)

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Perficient (PRFT - Free Report) reported fourth-quarter 2021 earnings of $1.00 per share, up from the $0.76 reported in the year-ago quarter.

Revenues increased 32.1% year over year to $214.7 million, which beat the Zacks Consensus Estimate by 3.72%.

The consensus mark for earnings was pegged at 93 cents per share.

Perficient, Inc. Price, Consensus and EPS Surprise

 

Perficient, Inc. Price, Consensus and EPS Surprise

Perficient, Inc. price-consensus-eps-surprise-chart | Perficient, Inc. Quote

 

Top-Line Details

Total services revenues increased 32.3% year over year to $213.8 million, primarily driven by increased demand for our services and due to the 2020 acquisitions becoming part of the base business in the second half of 2021.

Software and hardware revenues declined 3.3% year over year to $0.9 million.

Total offshore revenues increased 124% year over year. The company’s organic offshore revenues witnessed a rise of 54% year over year in the reported quarter.

Operating Details

In the fourth quarter, total selling, general and administrative (SG&A) expenses surged 29.7% from the year-ago quarter’s levels to $41.7 million.

Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 36.4% from the year-ago quarter’s levels to $47.72 million from $35 million in the fourth quarter of 2020.

In the fourth quarter, income from operations increased 105.1% year over year to $31.6 million from $15.4 million in the year-ago quarter.

Balance Sheet

As of Dec 31, 2021, cash & cash equivalents and net accounts receivable were $202 million compared with $221.4 million as of Sep 30, 2021.

Guidance

For first-quarter fiscal 2022, Perficient expects earnings between 92 cents and 95 cents per share.

For fiscal 2022, the company expects earnings between $4.18 and $4.33 per share.

Zacks Rank & Stocks to Consider

Currently, Perficient carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the Zacks Computer and Technology sector are Model N (MODN - Free Report) , CommScope (COMM - Free Report) and Paycor HCM (PYCR - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Model N has an Earnings ESP of +5.0% and a Zacks Rank #2.

MODN is down 15.9% in the past year against the Zacks Internet - Software industry’s decline of 31.1% and the Computer and Technology sector’s fall of 14% in the past year.

CommScope has an Earnings ESP of +13.04% and a Zacks Rank #2.

COMM is down 19.6% in the past year compared with the Zacks Communication – Infrastructure industry’s plunge of 16.8% and the Computer and Technology sector’s fall of 14%.

Paycor HCM has an Earnings ESP of +9.82% and a Zacks Rank #2.

PYCR is down 20.6% in the past year compared with the Zacks Internet – Software industry’s decline of 12.2% and the Computer and Technology sector’s fall of 14%.

(NOTE: We are reissuing this article to correct a mistake. The original version, posted earlier today, Feb. 25, 2022, should no longer be relied upon.)